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OTTAWA - Ottawa has given its blessing to the sale of properties& p4 T) \5 c0 @. m+ l9 [5 A/ P
owned by Athabasca Oil Sands Corp. to a Chinese company." b0 [. N+ r/ ^3 B
Federal Industry Minister Tony Clement says he has reviewed the
% i8 A% n: i+ Rdeal between Athabasca and PetroChina International Investment Co.2 R; d) v$ [% U
Ltd. and finds its is likely to be of net benefit to Canada.
6 N- F1 W" I' C9 Y( ~, R( N3 z Clement says PetroChina and its parent, PetroChina Co. Ltd., have% S$ K8 \$ h; }5 Y# }% c- O7 V6 k
made a number of significant commitments should they be allowed to
7 } F4 ?% |! e0 Y. I0 J6 ]# uacquire control of the MacKay and Dover oil sands projects.3 j, j9 x) m( W) H
Among other things, the Chinese concerns have agreed to capital
G1 b6 ~8 O, X$ wexpenditures in excess of $250 million for developing the properties
& k4 B+ p# P2 P! bover the next three years.
" x ?$ x2 u7 R' r, t: o They have also pledged to increase employment levels in Canada as t0 t# U% P4 v5 u, u+ _' ] Q. C; P
they develop the projects over the next three years and to maintain( h% i- Z# d! I. W8 C M7 V: s
an Alberta head office for operating companies associated with the1 E d- P2 T$ }4 e! Z1 Q; e) z5 H& x( R
projects for the next five years.
! [. T+ v7 y, d6 M0 _* \ (The Canadian Press) |
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